Cyprus Securities and Exchange Commission guidance on changes in the persons who effectively direct the business of Cyprus Investment Firms

BUSINESS

Cyprus Securities and Exchange Commission guidance on changes in the persons who effectively direct the business of Cyprus Investment Firms

The Cyprus Securities and Exchange Commission has issued a circular to Cyprus Investment Firms (‘CIFs’) it regulates reminding them of their obligations under Article 32 of the Investment Services and Activities and Regulated Markets Law of 2007 to notify CySEC of any changes in the persons who effectively direct the business of the CIF.

Article 32 of the Investment Services Law requires CIFs to notify CySEC of any proposed changes, and to provide the requisite information needed to assess whether any proposed appointee is of sufficiently good repute and sufficiently experienced, at least one month before any change is brought about. Persons who effectively direct the business of a CIF must promptly notify both the CIF and CySEC in writing of any changes in their circumstances that could affect the sound and prudent management of the CIF. The CIF is also obliged to notify CySEC if it knows or ought to have known of the new relevant details.

CIFs must notify CySEC immediately of any proposed resignation of a person who effectively directs their business. They must not anticipate any replacement prior to notifying the resignation to CySEC.

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